Securities

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Securities

Note 3:     Securities

The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Available-for-sale securities
September 30, 2016:
U.S. government agencies	$	12	$	—	$	—	$	12
Mortgage-backed securities of           government sponsored entities		63,700		779		208		64,271
Private-label collateralized mortgage           obligations		53		—		—		53
State and political subdivisions		15,862		601		28		16,435
Totals	$	79,627	$	1,380	$	236	$	80,771

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In thousands)
December 31, 2015:
U.S. government agencies	$	101	$	—	$	—	$	101
Mortgage-backed securities of           government sponsored entities		75,972		662		530		76,104
Private-label collateralized mortgage           obligations		274		3		—		277
State and political subdivisions		18,224		677		36		18,865
Totals	$	94,571	$	1,342	$	566	$	95,347

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Held-to-maturity Securities:
September 30, 2016:
U.S. government agencies	$	21	$	—	$	—	$	21
Mortgage-backed securities of           government sponsored entities		716		11		—		727
State and political subdivisions		8,042		175		41		8,176
Totals	$	8,779	$	186	$	41	$	8,924

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held-to-maturity Securities:	(In thousands)
December 31, 2015:
U.S. government agencies	$	82	$	—	$	—	$	82
Mortgage-backed securities of           government sponsored entities		1,052		5		—		1,057
State and political subdivisions		7,173		29		136		7,066
Totals	$	8,307	$	34	$	136	$	8,205

Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
One to five years	$	6,118	$	6,348	$	1,404	$	1,422
Five to ten years		3,337		3,491		3,284		3,360
After ten years		6,419		6,608		3,375		3,415
		15,874		16,447		8,063		8,197
Mortgage-backed securities of      government sponsored entities		63,700		64,271		716		727
Private-label collateralized mortgage      obligations		53		53		—		—
Totals	$	79,627	$	80,771	$	8,779	$	8,924

The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $52.5 million at September 30, 2016, compared to $55.3 million at December 31, 2015.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at September 30, 2016 and December 31, 2015, was $24.2 million and $53.8 million, which represented approximately 27% and 52%, respectively, of the Company’s total aggregate fair value of the available-for-sale and held-to-maturity investment portfolios. These decreases resulted primarily from changes in market interest rates.

Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the decreases in fair value for these securities are temporary at September 30, 2016.

Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified.

The following table shows the gross unrealized losses and fair value of the Company’s temporarily impaired investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

	September 30, 2016
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
Mortgage-backed securities of      government sponsored entities	$	10,889	$	79	$	10,786	$	129	$	21,675	$	208
State and political subdivisions		1,561		3		956		66		2,517		69
Total temporarily impaired securities	$	12,450	$	82	$	11,742	$	195	$	24,192	$	277

	December 31, 2015
	Less than 12 Months				More than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
Mortgage-backed securities of      government sponsored entities	$	32,930	$	269	$	14,560	$	261	$	47,490	$	530
State and political subdivisions		3,756		50		2,515		122		6,271		172
Total temporarily impaired securities	$	36,686	$	319	$	17,075	$	383	$	53,761	$	702